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States reach $26 billion deal with three wholesalers and J&J to end opioid lawsuits
['Ed Silverman', 'Jason Mast', 'Brian Yang', 'Anil Oza', 'Allison Deangelis', 'Lizzy Lawrence', 'Elaine Chen']
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Three of the largest pharmaceutical wholesalers and a major drug maker reached a $26 billion deal to settle lawsuits filed by state governments accusing the companies of fomenting the opioid crisis, which has claimed half a million lives over nearly two decades. As part of the settlement, the wholesalers – McKesson (MCK), AmerisourceBergen (ABC) and Cardinal Health (CAH) – will pay up to $21 billion over the next 18 years, while Johnson & Johnson (JNJ) agreed to pay up to $5 billion over nine years and exit the opioid business. “Billions of dollars from opioid settlement funding will provide states and localities with a unique opportunity to address critical gaps in our current prevention, treatment, and recovery infrastructure.